Bacon Graham W. 4
4 · ENTERPRISE PRODUCTS PARTNERS L.P. · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Enterprise Products EVP Graham Bacon Converts Phantom Units; Withholds Shares
What Happened
Graham W. Bacon, Executive Vice President & COO of Enterprise Products Partners L.P. (EPD), had a set of phantom-unit awards vest and converted a total of 90,000 phantom units into 90,000 EPD common units on February 16, 2026. To satisfy tax withholding obligations, 35,417 of those units were withheld at $36.75 per unit, totaling $1,301,576. After withholding, Bacon received a net 54,583 common units. The filing shows the conversions as derivative exercises (Transaction Code M) and the share withholding to cover taxes (Transaction Code F).
Key Details
- Transaction date: February 16, 2026; Form 4 filed Feb 18, 2026 (appears timely).
- Converted (acquired) units: 23,750 + 25,000 + 22,500 + 18,750 = 90,000 units.
- Withheld (disposed) to cover tax liability: 9,346 + 9,838 + 8,854 + 7,379 = 35,417 units at $36.75 each, total $1,301,576.
- Net units received by insider: 90,000 − 35,417 = 54,583 units.
- Shares owned after the transaction: not provided in the supplied data (see the Form 4 for total holdings).
- Notable footnotes: phantom units are economic equivalents of one EPD common unit (F1); awards had different vesting schedules (some vested in a single remaining installment, others over 2–4 annual installments — F2–F6). Power of attorney referenced (F7).
- Transaction codes: M = exercise/conversion of derivative; F = shares delivered/withheld to pay tax liability.
Context
This was not an open-market sale — it was the vesting/settlement of phantom-unit awards and the routine withholding of shares to meet tax obligations (a common practice known as share withholding or “sell-to-cover”). Derivative conversion entries show $0 proceeds because phantom units were converted into common units rather than sold on the market. Such withholding is administrative and does not necessarily indicate the insider is buying or selling shares for investment reasons.
Insider Transaction Report
- Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+23,750→ 645,643 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−9,346$343,466→ 636,297 total - Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+25,000→ 661,297 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−9,838$361,547→ 651,459 total - Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+22,500→ 673,959 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−8,854$325,385→ 665,105 total - Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+18,750→ 683,855 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−7,379$271,178→ 676,476 total - Exercise/Conversion
Phantom Units
[F1][F2]2026-02-16−23,750→ 0 total→ Common Units (23,750 underlying) - Exercise/Conversion
Phantom Units
[F1][F3]2026-02-16−25,000→ 25,000 total→ Common Units (25,000 underlying) - Exercise/Conversion
Phantom Units
[F1][F4]2026-02-16−22,500→ 45,000 total→ Common Units (22,500 underlying) - Exercise/Conversion
Phantom Units
[F1][F5]2026-02-16−18,750→ 56,250 total→ Common Units (18,750 underlying)
- 85,000
Phantom Units
[F1][F6][F7]→ Common Units (85,000 underlying)
Footnotes (7)
- [F1]Each phantom unit is the economic equivalent of one EPD common unit.
- [F2]These phantom units vested in one remaining annual installment on February 16, 2026. The remaining annual installment expired upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F3]These phantom units vest in two remaining equal annual installments beginning on February 16, 2026. Each remaining annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F4]These phantom units vest in three remaining equal annual installments beginning on February 16, 2026. Each remaining annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F5]These phantom units vest in four equal annual installments beginning on February 16, 2026. Each annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F6]These phantom units vest in four equal annual installments beginning on February 16, 2027. Each annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F7]The power of attorney under which this form was signed is on file with the Commission.